MGT 3 External Assessment Flashcards
Who said “If everyone is thinking alike, then somebody isn’t thinking”
George Patton
Who said “Nothing focuses the mind better than the constant sight of a competitor who wants to wipe you off the map”
Wayne Calloway
Who said “If you’re not faster than your competition then you’re in a tenuous position, if you’re half as fast, you’re terminal”
George Salk
Other name for management audit
Environmental Scanning or Industry Analysis
The purpose of an external audit
To develop a finite list of opportunities and threats.
The 5 categories of External Forces
- Economic Forces
- Social, Cultural, Demographic, and Natural Forces
- Political, Governmental, Legal Forces
- Technological Forces
- Competitive Forces
The process of performing an external audit must involve as many managers and employees as possible.
This is a statement, it might appear in true or false
To perform an external audit, a company must first gather competitive intelligence and information on the 5 factors
This is a statement, it might appear in true or false
What does I/O view mean?
Industrial Organization
What is the I/O view?
It advocates that external factors are more important than internal factors in achieving a competitive advantage
Give 1 proponent of the I/O view
Michael Porter
What factors have a direct impact on the potential attractiveness of various strategies.
Economic Factors
When stock prices increase?
The desirability of equity as a source of capital for market development increases.
An economic value of significant importance in strategic planning
Gross Domestic Product (GDP)
What factors have a major impact on virtually all products, services, markets, and customers.
Social, Cultural, Demographic, Natural Environmental Forces
These are apartment complexes for the elderly, with 1 meal a day, transportation, utilities included.
Lifecare facilities
What has changed the very nature of opportunities and threats by altering the life cycle of products, increasing the spread of distribution, creating new products, and etc.?
The Internet
The meaning of
CIO
CTO
CI
SCIP
EFE
CPM
Chief Information Officer
Chief Technology Officer
Competitive Intelligence
Society of Competitive Intelligence Professionals
External Factor Evaluation
Competitive Profile Matrix
Difference between CIO and CTO
CIO is more of a manager, managing relationships with firms
CTO is more of a technician, focusing on technical issues
Who published the article on how wireless technology will change 10 particular industries
Wall Street Journal
3 Basic Objectives of a CI program
- Provide a general understanding of the industry and it’s competitors
2.To identify areas in which competitors are vulnerable to assess the impact strategic actions would have on competitors. - To identify potential moves that a competitor might make that would endanger a firm’s position in the market.
The increasing emphasis on ___ in the US is evidenced by corporations putting this function in their organized charts.
Competitive Analysis
Markets can be geographic, products, or segments
This is a statement, it might appear in true or false
Competitive intelligence is not corporate espionage because why?
Because 95% of the information a company needs to make strategic decisions is available and accessible to the public.
